String Metaverse revenue rises 76% as gaming eclipses HFT

String Metaverse Limited reported consolidated revenue from operations of Rs 410.26 crore for the quarter ended September 30, 2026, up 76% from Rs 232.50 crore a year earlier, as gaming and IT services generated Rs 408.47 crore while high-frequency trading, or HFT, revenue fell to Rs 1.78 crore.

How did String Metaverse perform in the September quarter?

String Metaverse recorded total income of Rs 410.41 crore in the September 2026 quarter, compared with Rs 233.27 crore in the September 2025 quarter and Rs 392.42 crore in the June 2026 quarter. Revenue from operations accounted for Rs 410.26 crore of the quarterly total, while other income was Rs 14.96 lakh.

Profit before tax rose to Rs 40.03 crore from Rs 21.78 crore a year earlier, while profit for the period increased to Rs 39.86 crore from Rs 21.64 crore. Total expenses were Rs 370.38 crore, compared with Rs 271.49 crore in the prior-year quarter, with cost of operations increasing to Rs 359.80 crore from Rs 191.91 crore.

The September quarter also improved from June 2026. Revenue from operations was Rs 17.85 crore higher than Rs 392.40 crore in the preceding quarter, while profit for the period rose from Rs 36.92 crore. Basic earnings per equity share, not annualised, were Rs 0.33 in September 2026, compared with Rs 0.18 in September 2025.

Which business produced String Metaverse's revenue growth?

Gaming and IT services produced almost all of String Metaverse's September-quarter operating revenue, generating Rs 408.47 crore out of the Rs 410.26 crore consolidated total. Segment revenue rose from Rs 204.21 crore in the September 2025 quarter and from Rs 390.91 crore in the June 2026 quarter.

The segment reported a result of Rs 46.19 crore for the September 2026 quarter, compared with Rs 24.43 crore a year earlier and Rs 48.63 crore in June 2026. Its segment assets stood at Rs 418.99 crore at September 30, 2026, against Rs 246.24 crore at September 30, 2025 and Rs 326.96 crore at March 31, 2026.

The filing identifies the group's businesses as gaming software development and related services, and HFT. It does not separately identify gaming products, customers, geographies or contracts underlying the Rs 408.47 crore gaming and IT services revenue.

What happened to String Metaverse's high-frequency trading business?

HFT revenue fell to Rs 1.78 crore in the September 2026 quarter from Rs 28.29 crore in the September 2025 quarter. The segment's revenue was nevertheless Rs 29.27 lakh higher than the Rs 1.49 crore reported in the June 2026 quarter, although it remained well below the prior-year level.

HFT generated a segment result of Rs 97.89 lakh in the September quarter, compared with Rs 63.05 lakh a year earlier. This followed a segment loss of Rs 4.80 crore in the June 2026 quarter, meaning the reported segment result returned to profit sequentially despite the year-on-year revenue contraction.

HFT segment assets were Rs 14.10 crore at September 30, 2026, compared with Rs 12.28 crore a year earlier and Rs 15.05 crore at March 31, 2026. Segment liabilities were Rs 41.11 lakh, versus Rs 13.50 lakh at September 30, 2025.

What do the half-year figures and cash flows show?

String Metaverse's revenue from operations for the half year ended September 30, 2026 was Rs 802.66 crore, compared with Rs 431.36 crore for the corresponding half year of 2025. Profit before tax was Rs 76.93 crore, up from Rs 40.16 crore, and profit for the period was Rs 76.79 crore, compared with Rs 39.93 crore.

Gaming and IT services delivered Rs 799.38 crore of reported half-year segment revenue, against Rs 319.41 crore in the corresponding prior-year half. The reported HFT half-year segment revenue was Rs 3.22 crore, compared with Rs 51.95 crore a year earlier, extending the change in revenue mix beyond the September quarter.

Net cash generated from operating activities was Rs 107.12 crore in the half year ended September 30, 2026, compared with Rs 41.00 crore in the prior-year period. Investing activities used Rs 112.14 crore, including Rs 109.38 crore for acquisition of intangible assets, and cash and cash equivalents declined to Rs 21.74 crore from Rs 27.13 crore at the start of the period.

What do String Metaverse's balance sheet and review say?

String Metaverse reported total consolidated assets of Rs 433.09 crore at September 30, 2026, compared with Rs 342.01 crore at March 31, 2026. Other intangible assets increased to Rs 306.73 crore from Rs 209.58 crore, while cash and cash equivalents declined by Rs 5.39 crore during the six-month period.

Total equity was Rs 412.70 crore at September 30, 2026, compared with Rs 331.91 crore at March 31, 2026. Equity attributable to holders of the parent was Rs 412.24 crore, and current borrowings were Rs 1.04 lakh, compared with Rs 7.56 lakh at the March 2026 year-end.

Gorantla & Co Chartered Accountants issued a limited-review conclusion dated November 6, 2026. The reviewer said nothing had come to its attention indicating that the consolidated statement did not disclose required information or contained a material misstatement; it also said financial information for five overseas subsidiaries was furnished by management and its conclusion on those amounts was based solely on that unaudited information.

Conclusion

String Metaverse's September-quarter growth was concentrated in gaming and IT services, which supplied Rs 408.47 crore of Rs 410.26 crore in operating revenue and delivered a Rs 46.19 crore segment result. HFT contributed Rs 1.78 crore of revenue, down from Rs 28.29 crore a year earlier, while its reported segment result turned positive after the June-quarter loss.

The disclosed next item to watch is the board's determination of terms for a proposed private placement of up to Rs 1,000 crore in non-convertible debentures and/or other eligible non-convertible debt securities. The filing says the board or an authorised committee will decide the listing status, tenure, coupon, redemption terms and any security for each tranche.